Everbright Securities has released a research report forecasting significant expansion in the ultracapacitor industry. While traditional applications in wind power, rail transit, automotive, and energy storage frequency regulation continue to see steady growth, the emergence of AI Data Center (AIDC) applications provides a high-end, high-growth catalyst. The report notes that with ultracapacitors becoming a standard feature in NVIDIA's GB300 platform and next-generation, higher-power racks integrating them with BBUs in the power cabinet, the AIDC sector is poised for both volume and price increases for these components, with Lithium-ion Capacitors (LIC) becoming the mainstream high-end choice.
Where the Growth is Coming From
As AI chip power fluctuations intensify, the power supply architecture is evolving towards high-voltage DC, solid-state devices, and microsecond-level response times. This shift moves value towards fast-response components near the chip, such as MLCCs, CBUs, and BBUs, as well as new facility-level power electronics like SSTs. The report highlights that ultracapacitors offer irreplaceable advantages in millisecond-level response, extremely high cycle life, and smoothing out GPU pulse loads. Starting with NVIDIA's GB300, ultracapacitors have transitioned from an optional feature to a standard cabinet component. The next-generation architecture will integrate the Capacitor Backup Unit (CBU) and BBU together into the power cabinet.
In terms of volume, the growth in AI rack shipments, combined with increasing power demands per rack, will steepen the demand curve for ultracapacitors. Regarding technology, LICs offer superior energy density and space efficiency compared to EDLCs, which is why NVIDIA has prioritized LICs for the GB300. The report emphasizes that parallel development of CBUs and BBUs, along with deep collaboration with power system customers, is critical. Examples include Musashi's CESS developed with Flex, which integrates ultracapacitors with the power system; NVIDIA's GB300 Energy Storage Tray housing both BBUs and ultracapacitors; and Panasonic's collaboration between its Energy and Industry divisions to develop a cabinet shelf equipped with a CBU, alongside a BBU for HVDC architectures, creating a combined CBU+BBU solution.
Why Just Billions in Market Potential?
The inherent advantages of ultracapacitors—fast charge/discharge and long cycle life—are driving their increasing penetration in applications like rail transit braking, wind turbine pitch control, automotive auxiliary power and energy recovery, energy storage frequency regulation, and aerospace. According to the report's forecast, the global ultracapacitor market will reach approximately RMB 44.2 billion by 2030, representing a CAGR of 25% from 2025 to 2030. The AIDC segment will see rapid volume growth starting in 2026-2027, driven by the adoption of NVIDIA's GB300, reaching a market size of around RMB 10 billion. This will be the core driver of growth, with the AIDC ultracapacitor market expected to reach RMB 25.5 billion by 2030, accounting for more than half of the total market.
A Critical Material Bottleneck
Porous carbon is the core material determining ultracapacitor capacity, rate performance, cycle life, and power capability. High-end ultracapacitor carbon currently relies on imports, primarily from Japanese companies like Kuraray. The technical challenges in porous carbon include alkali activation processes and equipment, precise control over a hierarchical pore structure (micro-, meso-, and macro-pores), and post-process pore cleaning for impurity removal. Chinese companies like Dacheng Carbon Energy and Yuanli Active Carbon are identified as having strong potential for domestic substitution.
Key Players to Watch
Musashi's hybrid ultracapacitors utilize a lithium pre-doping process on the anode to increase voltage, giving them a leading position in LIC technology and mass production. The company faces order backlogs and is aggressively expanding capacity, targeting an annual capacity of 6.5 million units by early 2027. By focusing on LIC manufacturing and partnering with power supply customers like Flex, Musashi has become a key early entrant into the NVIDIA supply chain with a concentrated market position, making it a core beneficiary.
Panasonic's strategic focus is heavily shifting towards AIDC. It is one of the few integrated manufacturers with capabilities in BBUs, CBUs, HVDC, and system-level solutions. Beyond its expertise in BBU manufacturing, Panasonic is developing CBUs in collaboration with Panasonic Industry, with mass production planned for FY2027.
Risk Factors
The report outlines several risks, including lower-than-expected AI capital expenditure, slower-than-expected product adoption of ultracapacitors, changes in AIDC technical roadmaps, and supply chain risks.
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